Short Interest in Serve Robotics Inc. (NASDAQ:SERV) Increases By 22.7%

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) saw a significant growth in short interest in March. As of March 31st, there was short interest totalling 8,110,000 shares, a growth of 22.7% from the March 15th total of 6,610,000 shares. Approximately 19.4% of the shares of the stock are short sold. Based on an average trading volume of 9,010,000 shares, the short-interest ratio is presently 0.9 days.

Wall Street Analyst Weigh In

Separately, Northland Securities set a $23.00 price objective on Serve Robotics in a research note on Tuesday, February 18th. Two equities research analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat, Serve Robotics currently has a consensus rating of "Strong Buy" and an average price target of $19.50.

Insider Buying and Selling

In other news, CEO Ali Kashani sold 3,713 shares of the business's stock in a transaction that occurred on Thursday, February 27th. The shares were sold at an average price of $9.21, for a total value of $34,196.73. Following the completion of the sale, the chief executive officer now directly owns 3,225,852 shares in the company, valued at approximately $29,710,096.92. The trade was a 0.11 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Over the last ninety days, insiders sold 11,369 shares of company stock worth $90,704. Corporate insiders own 21.40% of the company's stock.

Hedge Funds Weigh In On Serve Robotics

A number of hedge funds have recently modified their holdings of SERV. State Street Corp bought a new stake in shares of Serve Robotics in the third quarter worth about $333,000. Raymond James Financial Inc. bought a new stake in shares of Serve Robotics in the 4th quarter worth approximately $1,978,000. Exchange Traded Concepts LLC purchased a new position in shares of Serve Robotics during the fourth quarter valued at approximately $9,066,000. Virtu Financial LLC purchased a new position in shares of Serve Robotics during the fourth quarter valued at approximately $465,000. Finally, Atomi Financial Group Inc. bought a new position in shares of Serve Robotics during the fourth quarter valued at approximately $209,000.

Serve Robotics Stock Down 1.9 %

Shares of Serve Robotics stock traded down $0.13 on Friday, hitting $6.54. The stock had a trading volume of 2,631,644 shares, compared to its average volume of 9,258,792. The stock's 50-day simple moving average is $7.25 and its two-hundred day simple moving average is $11.13. Serve Robotics has a one year low of $1.77 and a one year high of $24.35. The stock has a market cap of $371.96 million and a price-to-earnings ratio of -5.44.

Serve Robotics Company Profile

Serve Robotics Inc designs, develops, and operates low-emission robots that serve people in public spaces with food delivery in the United States. It builds self-driving delivery robots. The company was formerly known as Patricia Acquisition Corp. and changed its name to Serve Robotics Inc in July 2023.